Cyprus further relaxes restrictions on amounts of money ndividuals can transfer abroad

NICOSIA, Cyprus – In a further easing of restrictions on money transfers, Cyprus' Finance Ministry says it has raised the amount of money individuals can now take out of the country at any one time to 50,000 euros ($57,000).

The Finance Ministry announced the increase from the previous limit of 20,000 euros on Friday.

Cyprus imposed the restrictions amid concerns over bank runs when it required a bailout package in 2013 that hit its financial sector hard.

The limits are being lifted gradually.

Last month, Cyprus scrapped a 2-million-euro limit on the amount of money businesses can take out of the country.